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Monday, September 29, 2008

Well mainstreet may well get what they have asked for with the government/proposal/handout/bailout/fakeout. I saw a picture of a guy holding a sign that said bailout Winners not Losers. This dude was out marching in the streets while I was at work. His point was not to bailout Wall Street, the bailout should give relief to homeowners. Where I come from if you are losing your house (barring a sickness in the family) you are a loser for financing more than you could afford. Naomi Klein is blaming it all on Wall Street for creating this mess by making all of those loans. I didn't notice any bankers sneaking around at night signing unsuspecting victims up for loan without their knowledge. Yep this problem (like it or not) was started by greed---not by Wall Street but by the folks on Main Street for taking loans that they knew they could not pay back.

So what to do now? I am not trying to catch a falling knife--no more buying of anything for me until we see some stability. If these idiots that we call a Congress do not act soon, we could see DOW 7500. Now the most bullish sign I saw all day was that Jim Cramer was calling DOW 8000. If that clown (that called the bottom in both the housing and financials quite a bit higher) is bearish, then I have to take a closer look because there might be a bullish case. I see no bullish case here though.

Congress is so stupid, while they were debating a $700 Billion bailout, the market lost a total market value of $1.4 trillion. I must give credit to the guys buying gold---and making comments here about buying gold. You made a very good decision and beat me in that regard. Gold is so volatile, I kept thinking that the fear premium was far too high and I WAS WRONG.

THE TRUTH FOR THE NEXT DAY OR SO IS THAT NOBODY KNOWS!!!!!!!!!!!!!!

Our Congress spends money on ignorant ventures each and every day and they need to complete this bailout package soon. If for no other reason they should do it to help confidence. Now all of you MAIN STREET WHINERS get this. The genesis of this problem is (pardon the language), people want free shit!!! Welfare, food stamps and now people want HOUSING STAMPS. Why? Because they DESERVE a good house for free.Why are the automakers and the airlines historically awful businesses to invest in? Because they are held hostage by the unions. Over time they have demanded more pay, ridiculous healthcare benefits, and more. During that same period did the workers productivity go up by an amount commensurate with their salary/benefit increases? Just good ole country boy logic tells me that it didn't. All the while, some folks in other countries were out there improving their productivity and their product and helped the bottom line of their companies. So now we have been left behind and what is our answer? MORE GOVERNMENT HANDOUTS----THE SAME ANSWER THAT CREATED THE DAMN PROBLEM IN THE FIRST PLACE.

We are in trouble because our wonderful lawmakers will be off for the next couple of days and will not be able to vote before Thursday. We needed to have a recession and now we have one. We don't need to have total calamity in our banking system and we are on the verge of it. We have to allocate the governement funds necessary to fix the banking system. If I seem as though I am talking out of both sides of my mouth, my position is simple. Fix the banking system and forget the mortgage relief for homeowner. Lets get back to personal accountability. If the homeowner gets his butt burned and does not get bailed out, he will be more careful next time he goes to sign on the dotted line to borrow money. That in and of itself will do its part to stabilize the banking system.

Now for what I think about the markets. I think that this is one of those times where millionaires are going to be made in a hurry. A lot of good stocks are getting killed right here and there will be tremendous value in some stocks. I just am not ready to get in right here---I thought we had found the bottom and I got more heavily invested a couple of weeks ago. Fear is at a fever-pitch right here and I am looking for stability.

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